Imagine Doing Your Taxes, and Loving Every Minute Of It

Happy New Year folks! Cheers to a new year of all things beautiful. One of my personal goals this year is to eliminate things that add unnecessary weight to my life. The first thing that must go is completing this year’s taxes. You are probably saying “good luck with that!”

Some of the links that I share in this post are affiliate links, meaning that I will earn a commission if you click through and make a purchase. However, all opinions expressed are my own. 

They come every year and every year I hate doing them. It would be nice if every year, my return was greater than the year before. That would make it worth it. But seriously, here are a few reasons why I hate doing taxes:

◾ It’s expensive as crap to have them professionally done.
◾ It’s time consuming.
◾ You play a game of hurry up and wait as you expect documents from different institutions.
◾ The average person does not qualify for some tax breaks…I mean who owns their own plane anyways.
◾ If you complete them yourself, there is a little anxiety that comes with not knowing if they were done accurately.
◾ If you are expecting a refund, it can take anywhere from two weeks to a few months for you to receive your money.
◾ And, if you are married, have children, or have a business…things really get complicated.

and the list goes on ….

I will say there are positives to this madness. First, I have been very blessed to have only a few instances where I’ve owed money to the government 🙌🏾. And, the money usually comes at a time when there is a need in our household to be met. Last year, we decided to buy our first home and our refund check accounted for about 18% of our down payment.

And, if you hate doing your taxes as much as I do, there are a few things you can do to make your life a little easier.

Itemized Account of Purchases

Track your receipts with Expensify throughout the year. This will limit the scrambling and stress of trying to find proof for purchases claimed on your return. They have a small fee associated with their service, but it is good if you have taxes that are complicated. If your situation is pretty straightforward or you like free apps like me…then I would suggest you try ReceiptHog. You can store your receipts with them and earn cash for the receipts that you submit. They don’t create fancy reports like Expensify, but they get the job done and you get paid in the process.

User-Friendly Tax Help

Do your taxes on your own, using a user-friendly program like TurboTax. It is comprehensive but not over complicated and can help you get the most from your taxes. They have options for those who are single, filing jointly, or have a business. If you file early, there is a chance that you can file for free with their program. I love this software because, I’ve been able to submit both my federal and state taxes and receive my refund in a timely manner for a fraction of the cost. Honestly, I don’t think I’ve ever paid over $30 to do my taxes through their program.

Bookmark Where’s My Refund Site

This is a nice feature that is created and managed by the IRS to provide you with details regarding your refund status. This site only works for your federal returns. However, most states have their own where’s my refund site so that you can check on the status of your state returns too. Just save both sites as a bookmark on your phone or browser and you can always check the status at your leisure.

Don’t Forget Important Credits & Deductions

Many things have changed with the new administration with regards to what can be itemized and amounts for standard deductions. However, if you have a family or own a business you want to be sure that you don’t leave any money left on the table. You can take deductions for many things from your healthcare related expenses to child care related expenses. Did you know that training pants (Pull-Ups) for your child are considered a medical expense? I know, it’s awesome!  Be sure to read over this year’s deductions and credits so that you don’t miss out.

Hopefully, tax season will not be too stressful this year. My mind is curious as to how the government’s current situation will affect taxpayers this year. However, I’ve seen many private companies offer advances and services to their clients, so it may not be as big a burden as one may suspect. Since, I choose to do mine on my own… I’ll just wait it out. Good things come to those who wait, right?!

I’ve prepared my own taxes for the past 3 years, but I am no expert. If you have financial background or have advice on how one can prepare for this tax season, please season us in the comments.